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British AlixPartners selected as advisor for Agrokor restructuring

Staff Writer |
AlixPartners is a company that has been selected as Adviser for Restructuring Agrokor, reports HRT.

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AlixPartners worked on rescuing companies around the world in a similar situation as Agrokor. Its share of world-wide restructuring amounts to 33 percent. Among their clients were large retail chains.

Six companies were invited to submit Agrokor restructuring bids. Part of Ramljak's team has already cooperated with experts from AlixPartners.

The last attempt to participate in these British consultants at bidding in Croatia did not end well. The bid was declined because they did not correctly calculate VAT.

The company had responded to the competition of the then Minister of Economy Ivan Vrdoljak. Vrdoljak sought consultancy services for negotiations with Hungarian MOL. Due to a technical error in VAT calculation, AlixPartners House was denied.

Ante Ramljak, extraordinary commissioner for Agrokor, said Tuesday that a contract with AlixPartners was signed on Monday.

In Agrokor they said that after the analysis "decided to choose the best quality, references and price."

At the conference, it was said that the next week would come out with the exact amount of debt and that by the end of the week they have to define how much of their funds should be added to the year.

Sberbank is considering selling 1.1 billion euros in loans it granted to indebted Croatian food and retail group Agrokor, first deputy chairman Maxim Poletayev said.

"We are also considering a possibility of selling Agrokor's debt and are in talks with buyers on the international markets," Poletayev said in an interview with Reuters.

Poletayev said Sberbank, one of the biggest lenders to Agrokor, was ready to go to court to seek a suitable solution in restructuring the company's debt.

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